House Deputy Minority Leader and ACT Teachers party-list Rep. Antonio Tinio on Thursday called for an immediate congressional investigation into the Government Service Insurance System’s (GSIS) alleged P1.45-billion investment in an online gambling platform, describing it as a betrayal of public trust and a reckless gamble with government workers’ retirement funds.
“This is not just poor investment judgment—this is a moral outrage,” Tinio said in response to revelations about GSIS investments in Alternergy Holdings Corp. and other companies with gambling operations.
The lawmaker expressed alarm over the P251.37 million valuation loss already suffered by GSIS on these questionable investments. He said these funds represent the hard-earned contributions of teachers and other government workers who struggle with low wages.
“They gambled with GSIS funds. Bet on questionable stocks and lost. Who benefited? Meanwhile, the pensions and benefits of GSIS members are affected,” Tinio said in a mix of English and Filipino.
“Teachers sacrifice portions of their already meager salaries for their GSIS contributions, trusting that their money will be invested wisely and ethically. Instead, we find out that GSIS is funding an industry that destroys families and communities through gambling addiction,” he added.
The party-list representative also questioned the process behind these investments, noting that Alternergy’s market capitalization was reportedly below the P15 billion minimum required by GSIS policy for investible companies, while the shares were not even listed on the Philippine Stock Exchange (PSE) at the time of purchase.
“How did it happen that this investment was approved even though it did not follow GSIS’s own policy? This reeks of corruption and gross negligence. Our teachers deserve answers,” Tinio said.
Tinio said his group will file a resolution on the matter to enable Congress to look into GSIS investment practices, particularly those involving gambling operations. He also urged the immediate withdrawal of GSIS funds from all gambling-related investments.
The congressman also called on his colleagues in the House to support stricter oversight mechanisms for government financial institutions to prevent similar incidents in the future.
“We will fight for transparency and accountability in the management of our teachers’ pension funds,” Tinio concluded.
